Does debt always have to spoil a relationship? Is there any way out?

Does being in debt always create misunderstanding among couples? Is there no way to make a relationship survive in spite of having debt problems? The answer is ‘yes’; though it’s not easy but, it’s not impossible either.

As per a study “Bank On It” conducted by Jeffrey Dew, Utah State University, in 2009, “Financial Disagreements” was one of the major causes of divorce in our nation. The research revealed that the couples who fight over money matters once a week have 30% more chance of getting divorced in comparison to couples who fight a few times every month. It also revealed that rising consumer debt after marriage contributes to the instability of unions among the newlyweds.

Debt actually tests how strong a relationship is

It is true that ‘debt’ comes in the way of making serious decisions, like buying a house. In this circumstance, it is quite easy to blame your partner, if he/she has more debt than yours. But, stop for a moment and think - Have you managed your finances well so far? Are you not having any outstanding balances on your credit cards? If yes, then you shouldn’t blame your partner because you’re also responsible for your current financial situation.

So, instead of blaming each other, let’s find out how you can solve your debt problems and make your relationship survive, too.

4 Tips to make your relationship survive and repay debt

1. Be supportive towards your partner

Are both of you facing debt issues or only one of you is burdened with debt? Whatever be the issue, stop abusing your spouse/partner and provide emotional support so that he/she can solve his/her debt crisis.

2. Find out a suitable strategy to repay debt

The first thing you need to do is choose a debt relief strategy - one that suits you the best. If required, talk to a financial consultant and chalk out a debt relief plan. By doing so, you’ll have a clear idea regarding how long it’ll take to solve your debt problems.

3. Be ready to make small financial sacrifices

Debt affects life in another way. You have to make certain sacrifices in life and you may not be able to do what other people are doing. Often this impacts a relationship. However, you have to make up your mind to make these sacrifices for a better future. You may have to reduce your eating outs and also reduce your budget while gifting others. While doing so, do not think what others are thinking about you; instead, focus on the priorities you have set and gradually work towards your way out of debt.

4. Find out the reasons that led into debt problems

When you’re dealing with debt, one of the most important things you need to do is find out the reasons responsible for your landing into debt problems. It might be your spouse/partner couldn’t manage the student loan or might be too much credit card swiping was the reason behind the debt problems. Finding out the reasons will help you not to commit those mistakes again. As a result, you’ll be able to avoid falling into debt again.

So, if you’re living in together, don’t break up just because your partner has fallen into debt; instead, stand by him/her and help him/her to find a way out. It is also important that you talk about money - how both of you will handle money matters in the future. Sorting this out will help you manage your finances better and build a strong relationship, too.

Stay Connected

Disclaimer: The contents of this web site are not intended to establish an attorney-client relationship, provide the reader with legal advice, or substitute for legal advice from an attorney.

The debt settlement program typically lasts between 6 months to 4 years time.

At least 30% of the debt amount per creditor needs to be accumulated in the trust account for OVLG to give the creditor any settlement offer.

Not all creditors or debt collectors will accept a reduction in the balance, interest rate, or fees a customer owes such creditor or debt collector.

Pending completion of the represented debt-relief services, the customer's creditors or debt collectors may pursue collection efforts, including initiation of lawsuits.

That the use of the debt-relief service will likely adversely affect the consumer's creditworthiness, may result in consumers being sued by their creditors, and may increase the amount owed to creditors as a result of the accrual of additional fees and interest.

Savings a customer realizes from use of a debt-relief service may be taxable income.